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financeguru2, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 125
Experience:  Several years of complex tax experience
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Chad I need help with the Section 179 expense for an S-corp.

Resolved Question:

Chad I need help with the Section 179 expense for an S-corp. You helped an individual 3 years years ago but it doesn't completely answer my problem.
Submitted: 1 year ago.
Category: Tax
Expert:  Robin D. replied 1 year ago.

Robin D. :

Hello, the expert you requested is not online nor expected any time soon.

Robin D. :

Would you like your question to be left for them for when they may come back?

Customer:

If you can help me that's fine

Robin D. :

What is your specific situation?

Customer:

I am a little confused. I use Intuit tax online and I set-up a new item that qualifies for section 179 w/o. Let's say the item cost a $100 and the section 179 expense is a $100. The income before the expense is 1,000, after the expense it is $900. What figures should go on Schedule K including line 18. 11 and 1.

Customer:

And then what goes on the K-1?

Robin D. :

I am sorry but I am having a computer problem and cannot seem to transfer any info

Robin D. :

please bear with me

Robin D. :

I will opt out so another expert can assist you while I get the=is fixed

Robin D. :

they will grab quick so hang on please

Expert:  financeguru2 replied 1 year ago.
To answer your question, income before the Section 179 expense ($1,000) goes on Schedule K line 1, the Section 179 expense itself ($100) goes on line 11, and the income after the Section 179 expense ($900) goes on line 18.

You will also need to fill out page 1 of the 1120S to prove how you arrived at $1,000 of income.

Assuming it is a sole owner S corporation, the K-1 will mirror Schedule K, which will show ordinary income of $1,000 on line 1 and Section 179 expense on line 11.

I want you to be satisfied with this answer, so please respond if you have any questions or if anything is unclear prior to rating the answer. If I have successfully answered your question, please rate the answer at that time. Thank you!
financeguru2, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 125
Experience: Several years of complex tax experience
financeguru2 and 4 other Tax Specialists are ready to help you

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